U.S. federal authorities are investigating investment advisory firm Concord Management, which oversaw hedge fund investments worth billions of dollars for Russian billionaire Roman Abramovich, the New York Times reported on Tuesday.
The investigation, being conducted by the Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI), is partly focused on how Abramovich's associates used several offshore shell companies to invest $8 billion in hedge funds and private equity firms, the report added, citing people close to the firm.
